New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-29

| This large increase in the proportion Of vi eat ex
ported n four especially during the last years
has been of important influence In the British market,
and has gone far TO reiain for American producers
that control of foreign markets which tho prevalence
of ,peculation in this country has repeatedly threat
ened Nevertheless, wheat speculation here has done
incalcusble mischief TO the American producer, slim
Mating foreign BUYERS to seek their supply more
largely each year from other fields to develop lines OF
sportaton in India and Russia, and thus TO be-
come as independent as possible oil Amer lean spec
ulators. In consequence the proportion OF the crop
which was exported in 1880 1913 per cent and
during the fiscal year just closed 1t was but $3.50 per
cent
The recent decline in exports OF wheat from thiS
country gen orally appreciated either in Its e.
tent in its influence upon prces. During the hVo
years ending with the fiscal ,ear loolo2 the exports
OF wheat averaged 1876, 7Uo 457 bushels yearly flour
included but during the last four years the exports
have averaged only 123,2l2, 562 bushels yearly,
decline of about 80, 800 900 bushels yearly. Five
years ago, wheat growing having rapidly incl eased
under the stimulus Of foreign demand, the tanners
were able to produce over 100000 600 bushels, and
the consumption at homo being but 3Oo,OOO,ooo
bushels Tor TODD and seed, even the large exports,
reaching lS6, 200, 900 in one year, failed to clear
ava, tue entire surplus. But the homo consumption
steadily increasing and In few years tho pal
ance would have been restored had the foreign dc-
maud remained undiminshed. The ngures given
show that il reduced materially, the exports OF
the last year DeinG oo,uOo,ooV p1nncb ioo'
than those IsoI and the average Tor the last Tour
years 80, 100000 less than tue average for the
previous five years.
Railroad building between 1873 and 1882 led 30
the rapid settlement OF Western lands and to an
enormous increase in the acreage devoted TO Wheat
This cause, than tue increase in foreign de-
mand which could not that time be recKoned upon
as permanent, accounted tor the wonderful enlarge
ment vi home production, from about OO,OUO,OOO
bushels maximum prior to 1877, TO over
/ All 4 IN
foreign demand ia part caused by excessive specula
ton artificial prices in American markets, mas
been supplemented by continued increase in the acre
age OF improved farming land, az natural conse-
quence of continued building of railroads through
and fertile regions. Vast tiscts oil new land have
thus been brought within reach OF the worlds
markets, and such land the production OF wheat
Yields the outset the resdest and surest retufn TO
| the farmer. Accordingly the competition OF land
opened by railroad building has rendered wheat grow
ing improbable ON many million acres OF land Tor
mery cultivated Tor wheat In the older States ana go
has serous losses to the farmers Of such States
and Important disturbance OF Industries.
OF these changes lpon prices Of wheat IN THIS
country has been very remarkable. The average price
for the first i've months OF each OF VIC years iSo3
1867 inclusive In this market III s6 Tor the years
1868 -74 /. was 81 90 Tor the years 1s7o-lSU 10
was 81 "a; for the years lS7s-l-sz IL was 81 "a ,
bu: Tor the last i've years tho average price at New
York for The months has been only 81 ul. This
decline ia part but only IN part be attrt uted to
the great reduction IN the cost OF transports ZION,
which on the important trpnk line has been IRON
% cents per per mile tor the first period named
to 10 OF cent per ton per mile Tor the last nFo
years Part OF the decline, alike in the price OF wheat
and In the cost OF poTtaton Is due TO the appre-
cation the purchasing power oil the currency but
with full for this cause there rertheess
appears a remarkable fall In the average price OF
| wheat which since 1852 must be attributed III tue
main TO the influence OF competition With Indian ana
other wheat producing countries. In consequence Oh
this decline Il farmer OF the North wcst realize rs
less per bushel Tor their grain than they realized
during the years S7SlSS2 Inclusive and the diner
ence 10 them many million dollars, while tho
change in their ability to consume the products oil
Eastern manufacturers has seriously Affected I'M
portant industries thus II appears that three great
causes have combined to bring about this disturbance
the rapid building OF railways through regions pre-
yiously unsettled the habtual disturbance OF Ameri
can markets by speculation; and the more elective
competition OF lnian and other wheat growers IN the
Liverpool market, winch may in part be attributed 10
decline in the value of silver bullion, and in part to
tine reduced of transportation by sea from INDIA
and by rail aud sea from Russia. W. VI. G.
Neg York, Aug. 20, 1887.